First Marine's former president stripped of management duties

November 03, 1990

Terry L. Musika, the federal trustee appointed to oversee First Marine Manufacturing Inc., has removed the company's former president and sole stockholder, Dannie B. Hudson, from management of the company.

First Marine, which operates the Fort McHenry Shipyard, filed for protection from creditors in July under Chapter 11 of the U.S. Bankruptcy Code.

On Oct. 25, U.S. Bankruptcy Judge James F. Schneider ordered that the company be put under control of a trustee.

As trustee, Mr. Musika is charged with locating the company's assets and deciding whether the company is economically viable.

Mr. Musika said yesterday that he is unsure how long it will take him to decide whether the company can keep operating or whether its assets should be liquidated to pay off creditors, who are owed about $2 million.

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